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Island Life Case Study

In: Business and Management

Submitted By Maisha
Words 446
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1. Identify and briefly justify the core problem (major internal weakness) faced by Island Life Insurance.

The core problem lays in the marketing concept i.e. the Product concept undertaken does not suit the industry in which the company is in. This can be seen where the company focuses mainly on quality and continuous improvement with little promotion. Since insurance is an unsought good, promotion is highly needed, yet there is limited promotion and no marketing department.

2. Suggest a marketing strategy to increase sales at Island Life. The marketing strategy should identify the target market and the marketing mix. Briefly justify each element of the marketing strategy.

The marketing strategy that should be implemented holds a selling concept; this concept can increase sales by developing a strong promotional strategy as well an established marketing department, which can be highly effective once the promotional budget is well planned. Although the company has a target market of mainly males who hold 52.5% of the population, the company is not capitalizing out on the other 47.5% of women who can attribute highly to increase sales; therefore insurance should be sold to persons who need insurance and the target market focuses on persons between 25-65 years of age. Along with the right marketing concept and a readjusted target market, the marketing mix would be as follows:

Product

High quality should be continued in order to maintain existing customers, as well as to attract new customers. High quality can create continuous trust and loyalty from consumers i.e. building a long term customer relationship (although not practiced in the selling concept can be beneficial) therefore if customers were to buy another or a new policy, they would return to Island Life Insurance.

Placement/Distribution

Although it is stated that agencies are well…...

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